Colorado 2024 1st Special Session

Colorado House Bill HB1006 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	Second Extraordinary Session
2	2	Seventy-fourth General Assembly
3	3	STATE OF COLORADO
4	4	INTRODUCED
5	5
6	6
7	7	LLS NO. 24B-0022.01 Jason Gelender x4330
8	8	HOUSE BILL 24B-1006
9	9	House Committees Senate Committees
10	10	Finance
11	11	A BILL FOR AN ACT
12	12	C
13	13	ONCERNING THE EXPANSION OF PR OPERTY TAX EXEMPTIONS FOR101
14	14	CERTAIN OWNER-OCCUPIED PRIMARY RESIDENCES .102
15	15	Bill Summary
16	16	(Note: This summary applies to this bill as introduced and does
17	17	not reflect any amendments that may be subsequently adopted. If this bill
18	18	passes third reading in the house of introduction, a bill summary that
19	19	applies to the reengrossed version of this bill will be available at
20	20	http://leg.colorado.gov
21	21	.)
22	22	For property tax years commencing during property tax
23	23	reassessment cycles (cycles) that begin on or after January 1, 2025, the
24	24	bill changes the amount of the exemptions for the owner-occupied
25	25	primary residence (residence) of a qualifying senior, a veteran with a
26	26	disability, or the surviving spouse of a United States armed forces service
27	27	member who died in the line of duty or veteran whose death resulted from
28	28	HOUSE SPONSORSHIP
29	29	DeGraaf,
30	30	SENATE SPONSORSHIP
31	31	(None),
32	32	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
33	33	Capital letters or bold & italic numbers indicate new material to be added to existing law.
34	34	Dashes through the words or numbers indicate deletions from existing law. a service-related injury or disease (exemptions) from 50% of the first
35	35	$200,000 of actual value of the residence to 50% of an amount of actual
36	36	value of the residence equal to 50% of 50% of the estimated state median
37	37	home value (median home value) for the state; except that, if the median
38	38	home value declines, the exemption amount continues to be calculated
39	39	based on the median home value used to calculate the exemption amount
40	40	for the property tax years included in the prior cycle.
41	41	The state constitution currently only allows a senior who has
42	42	owned and occupied the senior's residence for 10 years, or the surviving
43	43	spouse of such a senior, to claim the exemption. For property tax years
44	44	commencing on or after January 1, 2027, if at the 2026 general election
45	45	the voters of the state approve a referred constitutional amendment to
46	46	allow a senior, or the surviving spouse of such a senior (surviving
47	47	spouse), who has previously qualified for the exemption for 2016 or any
48	48	later year for a prior residence to claim the exemption for the senior's or
49	49	surviving spouse's current residence regardless of how long the senior or
50	50	surviving spouse has owned and occupied that residence, the bill makes
51	51	the statutory changes needed to conform to the constitutional amendment.
52	52	Be it enacted by the General Assembly of the State of Colorado:1
53	53	SECTION 1. In Colorado Revised Statutes, 39-3-203, amend (1)2
54	54	introductory portion, (1)(a), (1.5)(a) introductory portion, (1.5)(a.5), and3
55	55	(6)(a); and add (1.7) and (1.8) as follows:4
56	56	39-3-203. Property tax exemption - qualifications - definitions.5
57	57	(1) For the property tax year commencing January 1, 2002, for property6
58	58	tax years commencing on or after January 1, 2006, but before January 1,7
59	59	2009, and for property tax years commencing on or after January 1, 2012,8
60	60	BUT BEFORE JANUARY 1, 2025, fifty percent of the first two hundred9
61	61	thousand dollars of actual value of residential real property that as of the10
62	62	assessment date is owner-occupied and is used as the primary residence11
63	63	of the owner-occupier shall be
64	64	IS exempt from taxation, and for property12
65	65	tax years commencing on or after January 1, 2003, but before January 1,13
66	66	2006, and on or after January 1, 2009, but before January 1, 2012, fifty14
67	67	percent of zero dollars of actual value of residential real property that as15
68	68	HB24B-1006-2- of the assessment date is owner-occupied and is used as the primary1
69	69	residence of the owner-occupier shall be SUCH PROPERTY IS exempt from2
70	70	taxation,
71	71	AND FOR PROPERTY TAX YEARS COMMENCING ON OR AFTER3
72	72	J
73	73	ANUARY 1, 2025, AN AMOUNT OF THE ACTUAL VALUE OF SUCH PROPERTY4
74	74	THAT IS EQUAL TO THE LESSER OF FIFTY PERCENT OF THE ACTUAL VALUE5
75	75	OF SUCH PROPERTY OR FIFTY PERCENT OF AN AMOUNT EQUAL TO FIFTY6
76	76	PERCENT OF THE ESTIMATED STATE MEDIAN HOME VALUE IS EXEMPT FROM7
77	77	TAXATION if:8
78	78	(a) (I) The owner-occupier is sixty-five years of age or older as of9
79	79	the assessment date and has owned and occupied such residential real10
80	80	property as his or her
81	81	THE OWNER-OCCUPIER'S primary residence for the11
82	82	ten years preceding the assessment date; or12
83	83	(II) The owner-occupier is the surviving spouse of an13
84	84	owner-occupier who previously qualified for a property tax exemption for14
85	85	the same residential real property under subparagraph (I) of this15
86	86	paragraph (a); and SUBSECTION (1)(a)(I) OF THIS SECTION; OR16
87	87	(III) F
88	88	OR PROPERTY TAX YEARS COMMENCING ON OR AFTER17
89	89	J
90	90	ANUARY 1, 2027, ONLY, THE OWNER-OCCUPIER HAD RECEIVED AN18
91	91	EXEMPTION PURSUANT TO SUBSECTION (1)(a)(I) OR (1)(a)(II) OF THIS19
92	92	SECTION OR THIS SUBSECTION (1)(a)(III), FOR ANY PROPERTY TAX YEAR20
93	93	COMMENCING ON OR AFTER JANUARY 1, 2016, FOR RESIDENTIAL REAL21
94	94	PROPERTY THAT THE OWNER-OCCUPIER THEREAFTER CEASED OCCUPYING ,22
95	95	FOR ANY PERIOD, AS THE OWNER-OCCUPIER'S PRIMARY RESIDENCE; AND23
96	96	(1.5) (a) For property tax years commencing on or after January24
97	97	1, 2007,
98	98	BUT BEFORE JANUARY 1, 2025, fifty percent of the first two25
99	99	hundred thousand dollars of actual value of residential real property that26
100	100	as of the assessment date is owner-occupied and is used as the primary27
101	101	HB24B-1006
102	102	-3- residence of an owner-occupier who is a qualifying veteran with a1
103	103	disability shall be IS exempt from taxation, AND FOR PROPERTY TAX2
104	104	YEARS COMMENCING ON OR AFTER JANUARY 1, 2025, AN AMOUNT OF THE3
105	105	ACTUAL VALUE OF SUCH PROPERTY THAT IS EQUAL TO THE LESSER OF4
106	106	FIFTY PERCENT OF AN AMOUNT EQUAL TO FIFTY PERCENT OF THE ACTUAL5
107	107	VALUE OF SUCH PROPERTY OR FIFTY PERCENT OF THE ESTIMATED STATE6
108	108	MEDIAN HOME VALUE IS EXEMPT FROM TAXATION if:7
109	109	(a.5) For property tax years commencing on or after January 1,8
110	110	2015, fifty percent of the first two hundred thousand dollars of actual9
111	111	value of residential real property that as of the assessment date is10
112	112	owner-occupied and is used as the primary residence of an11
113	113	owner-occupier who is the surviving spouse of a qualifying veteran with12
114	114	a disability who previously received an exemption under subsection13
115	115	(1.5)(a) of this section
116	116	OR WHO IS AN ELIGIBLE SPOUSE, AS DEFINED IN14
117	117	SECTION 3.5 (1.7) OF ARTICLE X OF THE STATE CONSTITUTION, is exempt15
118	118	from taxation,
119	119	AND FOR PROPERTY TAX YEARS COMMENCING ON OR AFTER16
120	120	J
121	121	ANUARY 1, 2025, AN AMOUNT OF THE ACTUAL VALUE OF SUCH PROPERTY17
122	122	THAT IS EQUAL TO THE LESSER OF FIFTY PERCENT OF AN AMOUNT EQUAL18
123	123	TO FIFTY PERCENT OF THE ACTUAL VALUE OF SUCH PROPERTY OR FIFTY19
124	124	PERCENT OF THE ESTIMATED STATE MEDIAN HOME VALUE is exempt from20
125	125	taxation.21
126	126	(1.7) N
127	127	O LATER THAN MARCH 15, 2025, AND NO LATER THAN22
128	128	M
129	129	ARCH 15 OF THE FIRST YEAR OF EACH PROPERTY TAX REASSESSMENT23
130	130	CYCLE THEREAFTER, THE STAFF OF THE LEGISLATIVE COUNCIL SHALL24
131	131	CALCULATE AND PROVIDE TO THE ADMINISTRATOR THE ESTIMATED STATE25
132	132	MEDIAN HOME VALUE FOR THE PROPERTY TAX YEARS THAT COMMENCE26
133	133	DURING THE CURRENT PROPERTY TAX REASSESSMENT CYCLE .27
134	134	HB24B-1006
135	135	-4- (1.8) AS USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE1
136	136	REQUIRES:2
137	137	(a) "E
138	138	STIMATED STATE MEDIAN HOME VALUE " MEANS:3
139	139	(I) F
140	140	OR THE PROPERTY TAX YEARS THAT COMMENCE DURING THE4
141	141	PROPERTY TAX REASSESSMENT CYCLE THAT BEGINS ON JANUARY 1, 2025,5
142	142	THE MOST RECENT AVAILABLE ESTIMATE OF MEDIAN HOME VALUE FOR THE6
143	143	STATE OF COLORADO IN THE UNITED STATES BUREAU OF THE CENSUS7
144	144	A
145	145	MERICAN COMMUNITY SURVEY , ADJUSTED FOR INFLATION OR DEFLATION8
146	146	THROUGH THE FOURTH QUARTER OF 2024AND ROUNDED TO THE NEAREST9
147	147	ONE THOUSAND DOLLARS ; AND10
148	148	(II) F
149	149	OR THE PROPERTY TAX YEARS THAT COMMENCE DURING11
150	150	EACH SUBSEQUENT PROPERTY TAX REASSESSMENT CYCLE , THE GREATER12
151	151	OF THE ESTIMATED STATE MEDIAN HOME VALUE FOR THE PROPERTY TAX13
152	152	YEARS THAT COMMENCED DURING THE PRIOR PROPERTY TAX14
153	153	REASSESSMENT CYCLE OR THE MOST RECENT AVAILABLE ESTIMATE OF15
154	154	MEDIAN HOME VALUE FOR THE STATE OF COLORADO IN THE UNITED16
155	155	S
156	156	TATES BUREAU OF THE CENSUS AMERICAN COMMUNITY SURVEY ,17
157	157	ADJUSTED FOR INFLATION OR DEFLATION THROUGH THE FOURTH QUARTER18
158	158	OF THE CALENDER YEAR THAT IMMEDIATELY PRECEDES THE FIRST19
159	159	PROPERTY TAX YEAR OF THE PROPERTY TAX REASSESSMENT CYCLE AND20
160	160	ROUNDED TO THE NEAREST ONE THOUSAND DOLLARS .21
161	161	(b) "I
162	162	NFLATION OR DEFLATION" MEANS THE PERCENTAGE CHANGE22
163	163	IN THE FEDERAL HOUSING FINANCE AGENCY 'S SEASONALLY ADJUSTED23
164	164	QUARTERLY PURCHASE -ONLY HOUSE PRICE INDEX FOR THE STATE OF24
165	165	C
166	166	OLORADO.25
167	167	(c) "P
168	168	ROPERTY TAX REASSESSMENT CYCLE " MEANS THE26
169	169	REASSESSMENT CYCLE DESCRIBED IN SECTION 39-1-104 (10.2).27
170	170	HB24B-1006
171	171	-5- (6) (a) Notwithstanding the ten-year occupancy requirement set1
172	172	forth in subparagraph (I) of paragraph (a) of subsection (1) SUBSECTIONS2
173	173	(1)(a)(I)
174	174	AND (1)(a)(II) of this section, an owner-occupier who DOES NOT3
175	175	QUALIFY FOR AN EXEMPTION PURSUANT TO SUBSECTION (1)(a)(III) OF THIS4
176	176	SECTION AND WHO has not actually owned and occupied residential real5
177	177	property for which the owner-occupier has claimed an exemption under
178	178	6
179	179	said subsection (1) PURSUANT TO SUBSECTION (1)(a)(I) OR (1)(a)(II) OF7
180	180	THIS SECTION for the ten years preceding the assessment date shall be IS8
181	181	deemed to have met the ten-year requirement and shall be IS allowed an9
182	182	exemption under said subsection (1) PURSUANT TO SUBSECTION (1)(a)(I)10
183	183	OR (1)(a)(II) OF THIS SECTION with respect to the property if:11
184	184	(I) The owner-occupier would have qualified for the exemption12
185	185	with respect to other residential real property that the owner-occupier13
186	186	owned and occupied as his or her THE OWNER-OCCUPIER'S primary14
187	187	residence before moving to the residential real property for which an15
188	188	exemption is claimed but for the fact that the other property was16
189	189	condemned by a governmental entity through an eminent domain17
190	190	proceeding; or18
191	191	(I.5) For property tax years commencing on or after January 1,19
192	192	2015, the owner-occupier would have qualified for the exemption with20
193	193	respect to other residential real property that the owner-occupier owned21
194	194	and occupied as his or her THE OWNER-OCCUPIER'S primary residence22
195	195	before moving to the residential real property for which an exemption is23
196	196	claimed but for the fact that a natural disaster destroyed the former24
197	197	primary residence or otherwise rendered it uninhabitable; and25
198	198	(II) The owner-occupier has not owned and occupied residential26
199	199	property as his or her THE OWNER-OCCUPIER'S primary residence other27
200	200	HB24B-1006
201	201	-6- than the residential real property for which an exemption is claimed since1
202	202	the condemnation occurred.2
203	203	SECTION 2. Act subject to petition - effective date. (1) Except3
204	204	as otherwise provided in subsections (2) and (3) of this section, this act4
205	205	takes effect at 12:01 a.m. on the day following the expiration of the5
206	206	ninety-day period after final adjournment of the general assembly.6
207	207	(2) If a referendum petition is filed pursuant to section 1 (3) of7
208	208	article V of the state constitution against this act or an item, section, or8
209	209	part of this act within the period specified in subsection (1) of this9
210	210	section, then the act, item, section, or part will not take effect unless10
211	211	approved by the people at the general election to be held in November11
212	212	2026 and, in such case, will take effect on the date of the official12
213	213	declaration of the vote thereon by the governor.13
214	214	(3) Section 39-3-203 (1)(a) and (6)(a), Colorado Revised Statutes,14
215	215	as amended in section 1 of this act, takes effect only if the general15
216	216	assembly refers a ballot title to amend the Colorado constitution to allow16
217	217	a senior, or the surviving spouse of such a senior, who has previously17
218	218	qualified for the property tax exemption allowed by section 3.5 (1)(a) and18
219	219	(1)(b) of article X of the Colorado constitution for 2016 or any later year19
220	220	for a prior residence to claim the exemption for the senior's or surviving20
221	221	spouse's current residence regardless of how long the senior or surviving21
222	222	spouse has owned and occupied that residence to the registered electors22
223	223	of the state at the 2026 general election and the ballot title is approved, in23
224	224	which case section 39-3-203 (1)(a) and (6)(a), Colorado Revised Statutes,24
225	225	as amended in section 1 of this act, takes effect on the date of the official25
226	226	declaration of the vote thereon by the governor.26
227	227	HB24B-1006
228	228	-7-